Inclusion of “Paytm Payments Bank Limited” in the Second Schedule of the RBI Act, 1934

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Team Studycafe | Oct 7, 2021 | Views 90460

Inclusion of “Paytm Payments Bank Limited” in the Second Schedule of the RBI Act, 1934

Inclusion of “Paytm Payments Bank Limited” in the Second Schedule of the RBI Act, 1934

As per RBI Notification No. RBI/2021-22/109[DOR.RET.REC.58/12.07.160/2021-22] dated 7th Oct 2021, It is advise that “Paytm Payments Bank Limited” has been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide notification DoR.LIC.No.S926/16.03.006/2021- 22 dated September 06, 2021 and published in the Gazette of India (Part III – Section 4) dated October 02-October 08, 2021.

What is Paytm Payments Bank ?

Paytm Payments Bank is an Indian payments bank, founded in 2015 and headquartered in Noida. In 2015, it received the license to run a payments bank from the Reserve Bank of India. It was launched in November 2017.

As of August 2020, Vijay Shekhar Sharma holds 51 per cent in the entity with One97 Communications Limited holding 39 per cent and the remaining 10 per cent of share is held by a joint venture between Vijay Shekhar Sharma and One97 Communications. It has over 64 million account holders as of April 2021.

What are the advantages of opening a Savings Account with Paytm Payments Bank?

Paytm Payments Bank offers all the services which it does as a wallet, and additional features like:

  • No minimum balance requirement
  • All digital transactions are free
  • 2.5% Interest per annum on the money deposited in the Savings Account
  • Up to 6% interest can be earned on using our Fixed Deposit facility
  • Free digital Debit Card on opening the Account
  • Physical Debit Card will be available on request

How can I open a Paytm Payments Bank Account?

To open your Bank Account, kindly follow these simple steps.

  • Launch your Paytm App
  • Click on the “Bank” icon on the bottom right of your screen
  • Set a passcode (if not setup already) and provide nominee details for your account.
  • In case you are a Non-KYC customer, you will be prompted to book a KYC appointment
  • You will be notified when your account is created

How do I close my Savings Account?

For closure of your account, you will need to raise a ticket with us from the ’24X7 Help’ section in the Bank tab of your Paytm App.

If you choose to close your Savings Account only, you will still be able to use your wallet as usual.

Can I open more than one Savings Account?

No, only one Savings Account can be opened per customer.

How do I check my account details?

To check your account details, follow these simple steps.

  • Launch your Paytm App
  • Click on the ‘Bank‘ icon at the bottom of your screen
  • Enter your bank passcode to access bank section
  • You can see your account number and IFSC code under the Savings Account section

How do I check my nominee details?

To check your nominee details, follow these simple steps.

  • Launch your Paytm App
  • Click on the ‘Bank‘ icon at the bottom of your screen
  • Enter your bank passcode to access bank section
  • Click on ‘Account Nominee’ under the Bank Account Services section
  • Your nominee details will be visible now

How do I add a nominee?

In case you have not added a nominee during the account opening process, please follow the steps below:

  • Open the Paytm App and click on ‘Bank‘ icon at the bottom of your screen.
  • Enter your bank passcode to access bank section.
  • Click on “Account Nominee” under the “Bank Account Services” tab
  • Enter your 4-digit passcode
  • You can now fill in details of the nominee you wish to assign to your Savings Account
  • Please note that you can have only one nominee for your account and the nominee has to be atleast 18 years of age.

How can I change my nominee?

In case you wish to update your nominee, please follow the steps below:

  • Open the Paytm App and click on ‘Bank‘ icon at the bottom of your screen
  • Click on “Account Nominee” Nominee under the “Bank Account Services” tab
  • You can now update/ edit details of the nominee you have already added
  • Tap on “save” to save updated details

How do I add my PAN card to my account?

You can add your PAN number to your account (if not done already) in four simple steps:

  • Go to Profile section of Paytm App
  • Select ‘Edit Profile’
  • Enter your PAN card number in the field ‘PAN Card’
  • Select ‘Done’ at the top of the screen.
  • Your PAN number is now saved with us.

How much interest will I earn on my Savings Account?

Your deposit will earn interest of 2.5% p.a. on your Savings Account balance. Interest earned will be added to your Savings Account in the first week of each month.

Are there any limitations to add money to Paytm Wallet?

If you are a KYC customer you can add any amount as long as your wallet balance does not exceed Rs.1,00,000 at any point in time

If you have completed your min-KYC using an Officially Valid Document (OVD), you can transact and add upto Rs. 10,000 in a month

Paytm Payments Bank Privacy Policy

They collect and generate various data points about us.

Data by which they identified us is termed as “Personal Data”. Personal Data does not include any information that is freely available or accessible in public domain.

Our Privacy is of utmost importance to them and protection of Our Personal Data is a key commitment for them.

They are also governed by the Banking Codes and Standards Board of India and Information Technology (Reasonable security practices and procedures and sensitive personal data or information) Rules, 2011 to maintain the privacy of Our Personal Data.

I. Personal Data

Personal Data we may collect from you are as under:

1. Personal details (e.g. name, contact details, residential address, date of birth, documents such as identity card / passport details / Aadhaar details / PAN / Voter ID / driving license, and/or education details) needed to open bank account and/or avail other services from them.

2. Your bank account details including transaction history, balances, payment details, for effecting transfer of monies through various payment channels provided by us.

3. financial details (e.g. income, expenses, and/or credit history) needed as part of application request for some of our services;

4. images of documents/ photos required to open and maintain bank account with us and/or avail our services from us.

5. voice recordings of our conversations with our customer care agent with you to address your queries/grievances;

6. employment details (e.g. occupation, positions held, employment history, salary and/or benefits) as part of our record retention for Central KYC Records Registry (CKYCR) purposes under Prevention of Money Laundering (Maintenance of Records) Rules, 2005

7. specimen signature(s) for processing of your instructions received by us through our various payment channels;

8. opinions provided by you to us by way of feedback or responses to surveys;

9. information obtained from your mobile device by way of using our app like device location, communication information including contacts and call logs, device information (including storage, model, mobile network), transactional and promotional SMS/app notifications.

II. Storage of Personal Data

We store and process your Personal Data only in India, in accordance with RBI circular in respect of the Storage of Payment System Data dated 6th April 2018.

Our data center and systems also maintain backup and disaster recovery systems in India.

To Read RBI Notification Download PDF Given Below :

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One response to “Inclusion of “Paytm Payments Bank Limited” in the Second Schedule of the RBI Act, 1934”

  1. Raja says:

    Very good information

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